During the cryptocurrency winter, many issuers of cryptocurrency debit cards ran out of funds and had to pack up shop. However, things are looking up as Payglobal now allows its traders to perform cryptocurrency to fiat transfers using their existing bank cards. Payglobal is a United Kingdom-based provider of e-wallet services that have a license from the Financial Conduct Authority. The vision of the company is to offer its users end-to-end solutions when they want to use cryptocurrencies and other alternative payment methods.
Cryptocurrency To Fiat Transfers Using Existing Bank Cards
Payglobal now permits its users in Nigeria, Australia, the European Union, Mexico, and Singapore to make cryptocurrency to fiat transfers using their typical bank cards. The CEO of the company, Giora Tal, speaking to news.Bitcoin.com, said that the option will initially be available for ETH and BTC. With time, other cryptocurrencies will be added to the list and more countries will be allowed to enjoy these services. The CEO said that a feature that allows users to convert cryptocurrencies to fiat and send them to their existing bank cards is going to attract more users. This option, according to Tal, reduces friction in the payment process and allows innovation to thrive. In the CEO’s words:
“Converting cryptocurrency to fiat money and sending it to your existing bank card through our regulated e-wallet platform provides customers with a quick and easy way to access their funds worldwide. The way we can transfer money from person to person, or company to a person is constantly evolving and we are delighted to be the pioneers paving these new payment channels.”
To enjoy these services, users will have to register for the Payglobal Know Your Customer verification. This will require that they submit a government-issued ID card, mobile number, and proof of address. When the approval process is complete, the user simply needs to select the fiat currency they would want to conduct the withdrawal in and pay in cryptocurrency. When the transaction has been approved the details will be displayed on the platform’s dashboard. From there, the user can decide to send the funds to their Visa card.
Bitcoin (BTC) Price Today – BTC / USD
There are many cryptocurrency based debit cards in the European region, however, Payglobal decided to take things up a notch by allowing people to load the regular bank cards with cryptocurrencies. Tal said that the company’s technology is the first to offer this feature in the market. In Tal’s words: “state-of-the-art technology offers new payment solutions yet to be seen in the market.”
Apart from this new feature, the company has many other solutions that are useful to freelancers in the gig economy, blockchain developers, Fintech startups and people interested in international remittance in general. While it is efficient, the platform has a high transfer requirement of €1000. Users cannot make a transfer that are less than €1000 on Payglobal. So, you can enjoy this when you intend to move a huge amount of money.
What do you think about this feature that allows users to make cryptocurrency to fiat conversions using their regular bank cards? Share your thoughts in the comment section.